Your insurance policy isn’t meant to be an out of the box, one size fits all coverage. In fact, your policy should be as distinct and unique as your home, farm, auto or business requires to ensure adequate limits and full protection.
Think of your insurance policy as a menu, there are options including add-ons or additional coverage on the side, and in some cases, there’s simply coverage or extra toppings you could do without. Finding the right fit for your insurance needs is best determined by locating an insurer that provides the products you require, along with a team of staff who have the experience and knowledge to best serve you by meeting or exceeding your expectations. This should include discussing what’s important to you and providing education and/or information pertaining to the value of insurance products available.
Examples of Items to Consider For Your Home/Auto:
Full Insurance to Value – Your home should be insured to full insurable value, that means having the right amount of coverage to rebuild your home in the event of a total loss.
Deductibles – Increased deductible limits is your willingness to self-insure up to a higher amount prior to your insurance coverage paying for damage.
Basements – Consider if it’s finished, or even used for storage of valued items when determining the coverage and limit for sewer, drain or sump backup coverage or even flood insurance if available.
Valuables and Collectibles – Your contents coverage may have limits for special items or collectins, including jewelry. Consider personal belongings that may exceed these limits and insure them specifically.
Physical Damage – If your vehicle is getting older, it may no longer make sense to include coverage such as collision or comprehensive. Give this sum thought but realize what claims you are foregoing with any deletions.
Accident Benefits – Your annual income level is a great indicator if you’ll have adequate coverage for income replacement should you be injured in an automobile accident. There’s plenty more to consider for the various benefits, this is an important discussion topic to ensure your AB coverage fits your needs.
There are plenty of variables to be discussed (much more than the few examples provided) when reviewing your overall insurance needs. It’s also much easier if you can bundle as many of your policies for home, auto, farm and business with the same insuer. It will most likely save you some money in discounts, but will also better enable your insurance agent to assess the total picture of your insurance portfolio.
The most important thing to remember when making any insurance purchase is to ask questions. You need to be comfortable that the insurance product(s) purchased are providing the insurance protection you specifically need.
Article Written by Darcy Johnson
Erie Mutual Insurance Manager – Sales, Marketing & Business Development
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